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ORDER OF THE GOVERNMENT OF THE KYRGYZ REPUBLIC

of November 10, 2008 No. 618

About approval of the Regulations on procedure for release, placement, the address and repayment of municipal securities in the Kyrgyz Republic

(as amended on 27-10-2017)

For the purpose of market development of securities, the Government of the Kyrgyz Republic decides providing local government bodies with additional financial resources for acceleration of social and economic development of regions:

1. Approve the enclosed Regulations on procedure for release, placement, the address and repayment of municipal securities in the Kyrgyz Republic.

2. Recommend to local government bodies to be guided in case of release of municipal securities by the above-stated Provision.

3. Declare invalid the order of the Government of the Kyrgyz Republic of October 8, 2002 No. 692 "About approval of provisional regulations for release and the address in the Kyrgyz Republic of municipal securities".

4. To impose control over the implementation of this resolution on department of economy, trade, tourism and entrepreneurship and department of finance and credit policy of Government office of the Kyrgyz Republic.

 

Prime Minister

I. Chudinov

 

Approved by the Order of the Government of the Kyrgyz Republic of November 10, 2008 No. 618

Regulations on procedure for release, placement, the address and repayment of municipal securities in the Kyrgyz Republic

I. General provisions

1. This Provision regulates procedure for release, placement, the address and securities redemption of local government bodies (further - municipal securities) in the Kyrgyz Republic.

2. Municipal securities are the securities issued by local government bodies (the issuer of securities).

3. Municipal securities are urgent debt obligations of local government bodies and are issued for the purpose of attraction of money of legal entities and physical persons for financing of the actions aimed at the social and economic development of local communities. The specific type, amount, circulation period and other parameters of issued municipal securities are determined by the local kenesh. On each release of municipal securities the separate decision of the local kenesh is made.

4. Municipal securities shall certify the right of their owner to obtaining from local government body of the specified securities, money, the established percent and/or other property rights in the terms provided by issue conditions.

5. Owners of municipal securities can make civil transactions with these papers according to the legislation of the Kyrgyz Republic.

6. Ceased to be valid according to the Order of the Government of the Kyrgyz Republic of 27.10.2017 No. 707

7. The procedure for the taxation of transactions with municipal securities is determined by the legislation of the Kyrgyz Republic.

8. The conclusion of civil transactions with municipal securities in the secondary market is allowed only in the period of their address to the working days.

II. Decision making about release of municipal securities

9. The decision on release of municipal securities and approval of conditions of issue of securities is accepted by the decision of the local kenesh with the consent of the Ministry of Finance of the Kyrgyz Republic according to the offer of executive local government body.

10. The executive local government body before submitting for examination of the local kenesh approves parameters of issue of municipal securities with the Ministry of Finance of the Kyrgyz Republic.

III. Procedure for release of municipal securities

11. Municipal securities are issued on the terms of urgency, recoverability and the paid nature.

12. Municipal securities are issued in paperless form. Bank entry securities - personalized securities on which rights make sure entry on the account of the register of security holders, or record on the custody account at depositary.

13. The local government body before pronouncement of the conclusion of the Ministry of Finance of the Kyrgyz Republic about results of release and placement of municipal securities is forbidden to perform the following issue of securities.

14. Local government bodies can issue securities only in national currency of the Kyrgyz Republic.

15. Local government bodies have the right to issue securities with circulation period less than one year under condition if the amount of the funds raised by local government bodies does not exceed the amount which the local government body is able to extinguish that year in which release is performed.

15-1. The means received from securities placement cannot be enclosed in other securities.

16. The decision on release of municipal securities shall contain the following parameters of issue of securities:

- number of issue;

- type of securities;

- offer type (public or private (by the personal offer);

- nominal value of one security;

- number of securities of release;

- issue amount;

- term and procedure for securities placement;

- terms and procedure for repayment;

- procedure for determination and payment of the income for securities;

- the rights of owners of securities and procedure of the rights certified by securities;

- other essential conditions of issue important for origin, execution or discharge of municipal securities which are not contradicting regulatory legal acts of the Kyrgyz Republic in the sphere of the budget legislation.

17. The procedure for release of municipal securities includes the following:

- decision making about release of municipal securities and approval of conditions of issue by the local kenesh;

- registration of issue of municipal securities in the Ministry of Finance of the Kyrgyz Republic;

- securities placement;

- submission of the report on results of issue of securities to the Ministry of Finance of the Kyrgyz Republic.

18. Information on public release of municipal securities is placed in mass media.

The published information on release of municipal securities shall contain the following data:

- purposes of issue of securities;

- the budget of the local government body issuing securities for year of release of municipal securities;

- total size is long at the time of issue of securities;

- budget implementation for the last three complete financial years;

- information on local government body;

- issue amount, quantity and type of the municipal securities offered to open sale, nominal value;

- profitability according to municipal securities (percent, discount);

- start and end date of sale of municipal securities, terms of their address, procedure and repayment date of municipal securities;

- registration date of release of municipal securities;

- the place where it is possible to get acquainted with conditions of release of municipal securities;

- the information about the professional participants of the security market participating in placement of municipal securities.

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